Indicator analysis. Daily review for the GBP / USD currency pair 20/11/2020

Trend analysis (Fig. 1)

Today, the market will try to start moving up from the level of 1.3259 (the closing of yesterday's daily candle) with the target of 1.3317 which is the resistance line (white bold line). When this line is reached, the price can continue to move up with the goal of 1.3424 which is the upper border of the Bollinger line indicator (black dotted line).

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Figure 1 (daily chart)

Complex analysis:

  • Indicator Analysis – up
  • Fibonacci Levels – up
  • Volumes – up
  • Candle Analysis – up
  • Trend Analysis – up
  • Bollinger Bands – up
  • Weekly Chart – up

General conclusion:

Today, from the level of 1.3259 (the closing of yesterday's daily candle), the price will try to start moving up with the goal of 1.3317 which is the resistance line (white bold line). When this line is reached, the price can continue to move up with the goal of 1.3424 which is the upper border of the Bollinger line indicator (black dotted line).

Alternative scenario: When moving up and reaching the resistance line 1.3317 (white bold line), the price may start moving down with a target of 1.3214 which is a pullback level of 14.6% (red dotted line).

The material has been provided by InstaForex Company - www.instaforex.com